M&S Money announced that those who are looking to purchase a new car using the M&S Car Buying Plan can now enjoy lowered personal loan rates, from 9.9% APR down to 8.7% APR.
The Buying Plan is a good choice for motorists who want to defer a certain fixed amount of their loan.
After deferring a certain amount of the loan, consumers can then choose whether they would like to make monthly payments on the loan, or pay in back in a lump sum at an appointed time. Consumers can also choose to sell the car after a certain period passes, and pay back the debt.
The new initiative by M&S Money is aimed at encouraging consumers to purchase new vehicles, in the same way that 10% cash back incentive rewards were offered in the past summer of 2009.
After a loan is paid off, consumers are able to receive payment based on how much interest was accrued during the lifetime of the vehicle loan.
